$10K Bitcoin...??
(BTC) has now failed twice in the last 24 hours to find takers above $10,000. Another attempt during Sunday's early U.S. trading hours also saw prices print a high just above $10,000 only to plunge quickly to $9,850.The failures have poured cold water over the optimism generated by the move higher seen over the weekend. Bitcoin remained resilient around $9,650 on Friday, despite a bearish by the money flow index, and rose to five figures on Sunday.
Importantly, with the rejection at $10,000, bitcoin has logged another bearish lower high on the technical charts – one of a succession since the recent rally stalled at $10,500 on Feb. 13.
Invalidation of the lower highs setup is needed to revive the immediate bullish case. As a result, the high around $10,000 observed during Monday's Asia hours is the level to beat for the bulls.
Bitcoin is currently trading at $9,750 on Bitstamp. Meanwhile, its global average price as calculated by the Bitcoin Price Index is $9,765, down 1.38 percent over 24 hours.
Importantly, with the rejection at $10,000, bitcoin has logged another bearish lower high on the technical charts – one of a succession since the recent rally stalled at $10,500 on Feb. 13.
Invalidation of the lower highs setup is needed to revive the immediate bullish case. As a result, the high around $10,000 observed during Monday's Asia hours is the level to beat for the bulls.
Bitcoin is currently trading at $9,750 on Bitstamp. Meanwhile, its global average price as calculated by the Bitcoin Price Index is $9,765, down 1.38 percent over 24 hours.
